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Activities A, B, and C are part of the same project. Activity A is worth $200, is 100% complete, and actually cost $200. Activity B is worth $75, is 90% complete, and actual cost $120 so far. Activity C is worth $200, is 75% complete, and has cost $175 so far. The total budget is $1,000. What is the Cost Variance (CV) for the project

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Answer:

Cost Variance (CV) for the project is negative $77.5

Explanation:

The total amount budget for all 3 activities = Activity A worth $200 + Activity B worth $75 + Activity C worth $200 = $475

The total value completed = activities cost x % complete = $200*100% + $75*90% + $200*75% = $417.5

The actual cost till now = $200 + $120 + $175 = $495

The cost variance = The total value completed - The actual cost till now = $417.5 - $495 = ($77.5)